AMT vs SPG: How American Tower Corporation and Simon Property Group Compare (2026)
Last updated July 2026
Short answer
AMT and SPG are similarly sized, but AMT trades noticeably cheaper on forward earnings (24.99x vs 35.09x): the market is paying up for SPG's profile and pricing AMT more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
AMT vs SPG: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AMT | SPG | What it tells you |
|---|---|---|---|
| Market cap | $80.92B | $89.88B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 24.99 | 35.09 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 27.97 | 16.44 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Price vs 52-week range | 24% of range | 98% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 22.98 | 15.92 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: AMT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how AMT and SPG affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMT and SPG share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMT and SPG exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does American Tower Corporation (AMT) do?
American Tower Corporation (NYSE: AMT), founded in 1995 and headquartered in Boston, is a real estate investment trust that owns, operates, and develops multitenant communications real estate. Its core business is leasing vertical space on wireless towers to mobile network operators, government agencies, and broadcasters under long-term contracts with annual escalators, generating 97% of 2025 revenue from property operations. Beyond towers, AMT owns CoreSite, a portfolio of 30 U.S. data centers offering colocation and interconnection services to enterprises, cloud providers, and network operators, which has become a fast-growing second revenue engine. The company manages nearly 150,000 communications sites across the Americas, Europe, Africa, and Asia-Pacific, providing global scale that smaller peers cannot easily replicate.
What does Simon Property Group (SPG) do?
Simon Property Group is an Indianapolis-based real estate investment trust (REIT) and an S&P 100 constituent. It owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia. As of December 31, 2025, the company held interests in 212 US income-producing properties and 42 international properties, along with a 22.2% stake in Klépierre, a Paris-based retail real estate company. SPG makes money primarily by leasing space to retail, dining, and entertainment tenants at its malls and Premium Outlets, collecting base rent plus a share of tenant sales. With a gross margin near 86% and domestic mall and outlet occupancy of approximately 96%, the business model benefits from scale: SPG's size gives it access to lower-cost capital, stronger lease negotiation leverage with global retail chains, and the financial capacity to fund redevelopments that smaller operators cannot.
AMT vs SPG: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AMT drivers: 5G Densification and Mid-Band Upgrades; CoreSite and AI-Driven Data Center Demand.
- SPG drivers: Premium Portfolio with Near-Full Occupancy; Consistent NOI and FFO Growth.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most immediate risk is customer concentration: in 2025, four carriers (T-Mobile at 18%, AT&T at 17%, Verizon at 14%, and Telefonica at 10%) collectively represented roughly 59% of total revenue, so any material lease dispute, consolidation event, or technology shift (such as carriers building private networks or relying on low-earth-orbit satellites) could disproportionately hurt results. For SPG, the most significant structural risk is continued e-commerce penetration that gradually reduces the number of viable retail tenants and pressures occupancy and rents even at premium properties.
AMT or SPG: which should you pick?
AMT vs SPG: the full fundamentals
AMT. AMT's trailing P/E of approximately 27x is well below its own 3-year average of roughly 45x and its 10-year average of roughly 56x, reflecting both earnings normalization after a period of large one-time items and a broader re-rating of rate-sensitive REITs in a higher-for-longer interest rate environment. For tower REITs, investors typically focus on AFFO per share rather than GAAP earnings, because the latter is heavily influenced by depreciation and one-time currency gains or losses. On that basis, FY 2025 delivered high-single-digit AFFO per share growth, and management's 2026 guidance projects continued quarterly revenue in the $2.67 billion to $2.77 billion range per quarter, suggesting mid-single-digit full-year growth if realized.
SPG. Because SPG is a REIT, Funds from Operations (FFO) is the industry-standard profitability metric rather than GAAP net income, which is inflated by depreciation add-backs and one-time gains. The trailing GAAP P/E of roughly 14x looks inexpensive relative to the company's 10-year average of about 22x, but the more meaningful forward price-to-Real Estate FFO multiple is in the low-to-mid teens, broadly in line with high-quality retail REIT peers. The company's ~$29 billion debt load is large in absolute terms but is supported by an A-rated credit profile, a $5 billion revolving credit facility, and stable NOI coverage.
Headline figures (approximate, 2026-06-27): AMT shows revenue (q1 2026) ~$2.74 billion, revenue (fy 2024, most recent full year) ~$10.13 billion, adjusted ebitda (q1 2026) ~$1.84 billion (margin ~67%), affo per share (q1 2026) ~$2.84 (up ~3.3% year-over-year); SPG shows revenue (ttm) ~$6.65 billion, real estate ffo (fy 2025) ~$12.73 per diluted share, 2026 real estate ffo guidance $13.10 to $13.25 per diluted share, trailing p/e (gaap) ~14x (based on elevated 2025 GAAP earnings).
The bottom line: AMT vs SPG
AMT and SPG are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMT and SPG exposure against your real portfolio. It is not an investment adviser.
Investing in American Tower Corporation with AI
Connect the broker you already use and ask Walnut's AI how AMT fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AMT and SPG?
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American Tower Corporation (NYSE: AMT), founded in 1995 and headquartered in Boston, is a real estate investment trust that owns, operates, and develops multitenant communications real estate. Simon Property Group is an Indianapolis-based real estate investment trust (REIT) and an S&P 100 constituent. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AMT or SPG the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AMT or SPG?
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On forward P/E (as of July 2026), AMT trades at 24.99x and SPG at 35.09x, so AMT is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AMT and SPG?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AMT vs SPG?
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AMT: The most immediate risk is customer concentration: in 2025, four carriers (T-Mobile at 18%, AT&T at 17%, Verizon at 14%, and Telefonica at 10%) collectively represented roughly 59% of total revenue, so any material lease dispute, consolidation event, or technology shift (such as carriers building private networks or relying on low-earth-orbit satellites) could disproportionately hurt results. AMT carries $37.2 billion in consolidated debt, meaning its cost of capital is sensitive to interest rate levels, and the net leverage ratio of 4.9x leaves limited buffer if earnings disappoint. Foreign currency volatility is a persistent drag given the company's large international portfolio, and regulatory or political instability in emerging markets (as seen with certain Latin American customer events in 2025) can disrupt anticipated cash flows. Finally, the tower industry faces longer-term structural questions about whether continued 5G spending by carriers will generate the densification cycle that bulls expect, given that some analysts describe 5G as having thus far underwhelmed relative to early projections. SPG: The most significant structural risk is continued e-commerce penetration that gradually reduces the number of viable retail tenants and pressures occupancy and rents even at premium properties. SPG carries roughly $29 billion in debt, making it sensitive to sustained high interest rates that raise refinancing costs and compress the spread between cap rates and borrowing costs, a core driver of REIT value. A recession that weakens consumer spending could trigger tenant distress, store closures, and occupancy declines across the portfolio. Finally, the transition to new CEO Eli Simon following his father's death in March 2026 introduces near-term uncertainty around strategic continuity, capital allocation priorities, and operator relationships that had been built over three decades.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AMT or SPG; figures are approximate and dated (as of July 2026). Verify current data before investing.